Shares of state-owned Rail Vikas Nigam Ltd (RVNL) rose more than 3% in the afternoon session today after the company announced that its joint venture with KRDCL had emerged as the lowest bidder (L1) from Southern Railway for the "Redevelopment of Thiruvananthapuram Central Railway Station on Engineering, Procurement, and Construction (EPC) mode."
The contract is set to be executed in 42 months. The total cost of the project is Rs 439 crore.
On Wednesday, RVNL's stock price rose 3.13% to Rs 286 on the BSE. A total of 10.88 lakh RVNL shares changed hands, resulting in a turnover of Rs 30.76 crore.
RVNL's market capitalization grew to Rs 59131 crore on the BSE. RVNL shares have a one-year beta of 1.3, indicating that they will be extremely volatile during that time period.
The stock reached a 52-week high of Rs 345.60 on January 23, 2024, and a low of Rs 88.50 on April 25, 2023.
In terms of technicals, RVNL's relative strength index (RSI) is 64.8, indicating that the stock is neither overbought nor oversold. Rail Vikas Nigam's shares are trading above the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages.
RVNL is Indian Railways' executing arm, working for and on behalf of the ministry on projects given to it for implementation. It operates on a turnkey basis, managing the entire project development cycle from conceptualization to commissioning, including design, estimate preparation, contract calling and awarding, and project and contract administration.
.png "RVNL Shares jump after JointVenture receives Rs 439 crore contract from Southern Railway")
